On the MMT101.org podcast today, along with my good friend Lynne Dougan, we welcome a very special guest: Professor L. Randall Wray. Professor Wray is one of the principal architects of Modern Monetary Theory (MMT).
Professor Wray has dedicated his career to challenging conventional economic wisdom and—at the same time—helping ‘the rest of us’ to understand what money is, how it works, and educating us on why much of the conventional wisdom is wrong.
Currently, Professor Wray is a Senior Scholar at the Levy Economics Institute and Emeritus Professor at the University of Missouri-Kansas City. He has authored several influential books, including Money For Beginners, Understanding Modern Money, Modern Money Theory, and his latest book, Making Money Work for Us: How MMT Can Save America.
He is the 2022 Veblen-Commons Award winner for lifetime contributions to Institutionalist Thought. He has been a Fulbright Scholar to Italy and Estonia, and a visiting professor at the Universities of Paris, Bologna, Bergamo, Rome, UNAM in Mexico City, UNICAMP in Brazil, Tallinn University in Estonia, Nankai University in China, and he is a visiting professor on a continuing basis at Masaryk University in the Czech Republic.
Professor Wray earned his PhD in Economics from Washington University in St. Louis, where he studied under Hyman Minsky, whose ideas about financial instability deeply influenced his own work. He has become a central figure in advancing MMT, helping to explain how governments with sovereign currencies are not financially constrained in the way many people think.
It’s a privilege to be able to pick Professor Wray’s brains so we can all learn from his expertise. He is one of the few economists who can express extremely complex ideas in a way we can all understand.
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That’s the preamble—so let’s jump right in.
Professor L. Randall Wray at the Levy Economics Institute of Bard College.
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